The XML schema for CbC reports being filed in the UK has been published by HMRC, along with guidance.
With the end of the year fast approaching, HMRC has released guidance on 15 August 2017, confirming the format and method of filing Country by Country (CbC) reports that are due in the UK. CbC reports must be prepared using the XML schema format provided by the OECD. HMRC have also prescribed their own procedures that must be followed, and CbC reports due to be filed in the UK must be filed using the HMRC reporting service, which is expected to be available soon. Only reports in this approved format will be accepted for electronic filing by HMRC.
Along with confirming the schema format required for CbC reports being filed in the UK, guidance on preparing and filing the reports has been published. The guidance covers recent updates to the HMRC International Exchange of Information Manual (the Manual), including:
It is also worth noting that the XML file will require a Tax Identification Number (TIN) for each Constituent Entity in the CbC report and so groups should take steps to start to collate this information now.
For further information please contact: